TRISTAR PENSION CONSULTING

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "TRISTAR PENSION CONSULTING"

Transcription

1 TRISTAR PENSION CONSULTING 4/1/2005 Guide to Distributions from 401(k) Plans Introduction Rollover vs. Cash Distribution Mandatory Federal Tax Withholding 10% Premature Distribution Penalty Retirement and Termination Death Benefits Disability Benefits Required Minimum Distributions Qualified Domestic Relations Orders Hardship Distributions IRS Special Tax Notice and Reporting Summary

2 A 401(k) plan permits employees to defer a portion of their salaries on a pre-tax basis with the objective of accumulating assets for retirement. Additional assets are accumulated if the employer makes matching and/or profit sharing contributions to the participant s account. With today s mobile workforce, many distributions are made before retirement because employees usually become eligible to receive distributions when they terminate employment. Distributions also become payable due to death, disability or a Qualified Domestic Relations Order (QDRO). In addition, many 401(k) plans permit hardship withdrawals. Sometimes active participants are forced to take minimum distributions after reaching age 70½. In the following pages we will explore the rules and tax consequences associated with the various types of distributions from a 401(k) plan. ROLLOVER VS. CASH DISTRIBUTION Distributions from 401(k) plans are generally made in a lump sum, although some plans permit participants to elect installment payments or an annuity. If the distribution is eligible for rollover, the participant can avoid immediate taxation by rolling it over to a traditional IRA (e.g., not a Roth IRA) or another qualified plan. Distributions eligible for rollover include: Lump sum payments to terminated participants (including disabled or retired); Death benefits paid to a spouse beneficiary; QDRO distributions to a spouse or former spouse; In-service distributions unless made on account of hardship; and Installment payments over a period of less than ten years. Distributions ineligible for rollover include: Death benefits to a non-spouse beneficiary; Age 70½ required minimum distributions; Hardship distributions from all accounts; Corrective distributions due to failed nondiscrimination tests or exceeding legal limits; Loans treated as distributions; and Installment payments of ten years or more or over the life expectancy of the participant or the joint lives of the participant and beneficiary. The portion not directly rolled over and distributed in cash is taxed in the year received and is generally subject to mandatory federal income tax withholding and possibly subject to a penalty as described below. The participant gets a second chance to roll over the cash distribution within 60 days of its receipt. However, he must find money to replace the tax withheld if he wants to roll over 100% of the distributed amount. MANDATORY FEDERAL TAX WITHHOLDING If the participant elects to receive a cash distribution and it is eligible to be rolled over, the taxable portion is subject to 20% mandatory income tax withholding (state tax withholding may also apply). For example, if the participant s taxable cash distribution is $100,000, he will only receive $80,000 and the other $20,000 will be forwarded to the IRS (which may not necessarily be

3 sufficient to cover the tax on the distribution). Participants may waive tax withholding for distributions ineligible for rollover. 10% PREMATURE DISTRIBUTION PENALTY If the participant is under age 59½, the distribution will generally be subject to a 10% premature distribution penalty unless one of the following exceptions apply: Participant is totally and permanently disabled; Participant separated from service during or after the calendar year in which he attained age 55; Death benefits paid to a beneficiary; QDRO distributions to an alternate payee; Payments made directly to the government to satisfy an IRS tax levy; Corrective distributions due to failed nondiscrimination tests or exceeding legal limits; Medical expense distributions that do not exceed deductible medical payments; and Substantially equal payments made after separation from service over the life expectancy of the participant or the joint lives of the participant and beneficiary. The 10% penalty is reported and paid to the IRS along with the participant s income tax return. RETIREMENT AND TERMINATION Participants who attain the plan s early or normal retirement age become 100% vested in the employer s account balance and are often eligible to receive a distribution, even if still employed. If the participant terminates employment before the plan s retirement age, his employer account balance is subject to the plan s vesting schedule (salary deferrals are always 100% vested). Many 401(k) plans provide for distribution of the participant s account balance shortly after termination of employment. If the terminated participant s account balance is over $5,000, it cannot be distributed without the participant s consent. The plan may permit an involuntary cash-out if the vested account balance is $5,000 or less. Effective March 28, 2005, involuntary cash-outs between $1,000 and $5,000 are required to be rolled over to an IRA established by the plan sponsor on behalf of the participant. DEATH BENEFITS Participants should complete beneficiary designation forms naming both primary and alternate beneficiaries. Generally, the death benefit is required to be paid to the participant s spouse unless the spouse has consented in writing, witnessed by a notary public or a plan representative, to another beneficiary designated by the participant. Plans typically provide for 100% vesting upon the death of the participant. The participant s spouse is permitted to roll over the death benefit to avoid immediate taxation. Rollovers are not permitted by non-spouse beneficiaries.

4 DISABILITY BENEFITS Plans may permit distributions due to total and permanent disability. The plan document will specify the criteria for determining eligibility for disability benefits. Most plans provide for 100% vesting if the participant becomes disabled. REQUIRED MINIMUM DISTRIBUTIONS The minimum distribution rules require that participants and beneficiaries begin receiving distributions by certain deadlines and limit the period over which benefits can be paid. The following participants are required to begin receiving minimum distributions: More than 5% owners who have reached age 70½ even if they are still actively employed; and Non-owner employees who have terminated employment and have reached age 70½. For more than 5% owners, annual distributions must begin by the April 1st of the year following the year in which the participant attains age 70½ (unless a special written election was made before 1984). For actively employed non-5% owners who have attained age 70½, the required beginning date is the April 1st following the year in which the participant terminates. (Prior to 1996, all actively employed participants who turned age 70½ were required to begin receiving minimum annual distributions and some plans may still include this provision.) The amount of the distribution is generally calculated by dividing the participant s account balance by life expectancy factors provided by the IRS. QUALIFIED DOMESTIC RELATIONS ORDER A QDRO provides child support or alimony payments or divides marital property as part of a divorce or separation. Many plans permit the immediate cash-out of benefits to the alternate payee, usually the spouse or child, which avoids the need for segregated accounts. Payments to a participant s spouse (or former spouse) are taxable to the spouse in the year distributed unless rolled over. Distributions to a child of the participant are taxed as income to the participant and are not eligible for rollover. HARDSHIP DISTRIBUTIONS Many plans permit hardship withdrawals of salary deferrals. Only the amount the participant deferred may be distributed. Earnings on the deferrals may not be distributed unless they were credited to the participant s account generally before The IRS rules regarding hardship withdrawals are very specific and regulations require the satisfaction of two conditions: There is an immediate and heavy financial need; and Other resources are not available to satisfy the need.

5 A safe harbor method of satisfying these requirements is utilized by many 401(k) plans which permits a hardship distribution if it is due to: Medical expenses incurred by the employee, the employee s spouse or other dependents not reimbursed by insurance; Costs directly related to the purchase of a principal residence of the employee; Payment of tuition and related college/graduate school expenses for the next twelve months for the employee, the employee s spouse, children or other dependents; or Payment necessary to prevent the eviction or foreclosure of the employee from his primary residence. Final 401(k) regulations, which generally become effective for plan years beginning on or after January 1, 2006, expand the list of safe harbor hardship events to include: Burial or funeral expenses for the employee s parent, spouse, child or dependent; and Repair of damage to the employee s principal residence that would qualify as deductible casualty expenses. Participants must first have taken all other permitted withdrawals and loans available from all plans maintained by the employer and are not permitted to make any contributions to any plan sponsored by the employer for at least six months after receipt of the hardship withdrawal. The above mandated requirements are only applicable to salary deferrals. Some plans also permit hardship withdrawals from profit sharing and matching contribution accounts, which are permitted to have less restrictive hardship withdrawal requirements. To simplify plan administration, some plans apply the salary deferral rules to all accounts. IRS SPECIAL TAX NOTICE AND REPORTING Before making a distribution election, each participant must be given a "Special Tax Notice Regarding Plan Payments" which explains the tax consequences of distributions. Plan distributions are reported to the IRS on Form 1099-R which includes information concerning the type of distribution, taxable amount, taxes withheld and whether or not the 10% penalty is applicable. SUMMARY Distribution decisions hold myriad consequences. Employees who do not consider the tax consequences may be in for a rude awakening when they complete their tax returns and discover that not only do they owe additional income taxes on the distributed amount but also a 10% penalty. Plan administrators need to be aware of these complex rules in order to communicate effectively with participants seeking to take distributions from the plan.

NOTICE OF HARDSHIP WITHDRAWAL

NOTICE OF HARDSHIP WITHDRAWAL NOTICE OF HARDSHIP WITHDRAWAL The current Plan provides that certain amounts may be withdrawn if you have a financial hardship. This hardship distribution is not in addition to your other benefits and

More information

HARDSHIP WITHDRAWAL ELECTION. To the Plan Administrator of., Participant.

HARDSHIP WITHDRAWAL ELECTION. To the Plan Administrator of., Participant. HARDSHIP WITHDRAWAL ELECTION To the Plan Administrator of Re: ( Plan ):, Participant. 1. Withdrawal Election. As permitted by the Plan, I elect to withdraw the following portion of my Vested Account Balance

More information

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS SAFE HARBOR EXPLANATION FOR PLANS QUALIFIED UNDER SECTION 401(a) OR SECTION 403(b) TAX SHELTERED ANNUITIES BENCOR PLAN SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue

More information

PARTICIPANT SIGNATURE: DATE SIGNED: DAYTIME PHONE: E-MAIL ADDRESS:

PARTICIPANT SIGNATURE: DATE SIGNED: DAYTIME PHONE: E-MAIL ADDRESS: Standard Insurance Company Retirement Plans, P9A 1100 SW Sixth Avenue Portland OR 97204-1020 971.321.7998 Fax You may request your withdrawal online, if your plan allows. Logon to the Personal Savings

More information

JOINT AND SURVIVOR ANNUITY NOTICE

JOINT AND SURVIVOR ANNUITY NOTICE JOINT AND SURVIVOR ANNUITY NOTICE The purpose of this notice is to provide you as the participant and your spouse if you are married, with an explanation of the joint and survivor annuity and your rights

More information

SPECIAL TAX NOTICE REGARDING DISTRIBUTIONS FROM THE RETIREMENT SAVINGS PLAN OF THE PRESBYTERIAN CHURCH (U.S.A.)

SPECIAL TAX NOTICE REGARDING DISTRIBUTIONS FROM THE RETIREMENT SAVINGS PLAN OF THE PRESBYTERIAN CHURCH (U.S.A.) SPECIAL TAX NOTICE REGARDING DISTRIBUTIONS FROM THE RETIREMENT SAVINGS PLAN OF THE PRESBYTERIAN CHURCH (U.S.A.) This notice explains how you can continue to defer federal income tax or how you can receive

More information

SPECIAL TAX NOTICE FOR PARTICIPARTS RECEIVING PLAN BENEFIT PAYMENTS

SPECIAL TAX NOTICE FOR PARTICIPARTS RECEIVING PLAN BENEFIT PAYMENTS SPECIAL TAX NOTICE FOR PARTICIPARTS RECEIVING PLAN BENEFIT PAYMENTS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement plan

More information

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement plan savings in the Plan and contains important information you will

More information

Eagle Systems, Inc. Tax Deferred Savings Plan & Trust (EAG) FINANCIAL HARDSHIP REQUEST FORM

Eagle Systems, Inc. Tax Deferred Savings Plan & Trust (EAG) FINANCIAL HARDSHIP REQUEST FORM Participant Information Eagle Systems, Inc. Tax Deferred Savings Plan & Trust (EAG) FINANCIAL HARDSHIP REQUEST FORM Name: SSN: Address: City: State: Zip: *Phone: *Email: Date of Birth: / / Hours Worked

More information

SOUTHERN CALIFORNIA IBEW-NECA DEFINED CONTRIBUTION PLAN SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS

SOUTHERN CALIFORNIA IBEW-NECA DEFINED CONTRIBUTION PLAN SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS SOUTHERN CALIFORNIA IBEW-NECA DEFINED CONTRIBUTION PLAN SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement savings in the

More information

Withdrawal Request Form

Withdrawal Request Form Without Spousal Consent Section I: Plan Information Plan Name: Plan Sponsor Name: Section II: Participant Information **If you have a P.O. Box, U.S. tax laws require a street address to be indicated, or

More information

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement plan savings in the Plan and contains important information you will

More information

AUI Supplemental Retirement Annuity Plan Summary Plan Description

AUI Supplemental Retirement Annuity Plan Summary Plan Description AUI Supplemental Retirement Annuity Plan Summary Plan Description November 2011 TABLE OF CONTENTS PAGE 1. What kind of plan is this?...1 2. Who is eligible to participate in the Plan?...2 3. Do I need

More information

ARIZONA STATE RETIREMENT SYSTEM (ASRS) SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS SURVIVOR BENEFITS

ARIZONA STATE RETIREMENT SYSTEM (ASRS) SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS SURVIVOR BENEFITS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS SURVIVOR BENEFITS Phoenix (602) 240-2000 Tucson (520) 239-3100 Toll-free (800) 621-3778 www.azasrs.gov FEDERAL TAX INFORMATION Introduction - This notice contains

More information

GOLD CROSS SERVICES, INC. 401(K) RETIREMENT SAVINGS PLAN SUMMARY PLAN DESCRIPTION

GOLD CROSS SERVICES, INC. 401(K) RETIREMENT SAVINGS PLAN SUMMARY PLAN DESCRIPTION GOLD CROSS SERVICES, INC. 401(K) RETIREMENT SAVINGS PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?... 1 What information does this Summary provide?...

More information

Hardship distributions. A hardship distribution is not eligible for rollover.

Hardship distributions. A hardship distribution is not eligible for rollover. SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS 1 (Alternative to IRS Safe Harbor Notice - For Participant) This notice explains how you can continue to defer federal income tax on your retirement plan savings

More information

REQUEST FOR DISTRIBUTION INSTRUCTIONS

REQUEST FOR DISTRIBUTION INSTRUCTIONS REQUEST FOR DISTRIBUTION INSTRUCTIONS DISTRIBUTIONS FROM THE PLAN Generally, participants may not take a distribution from the Plan until a distributable event occurs. The events vary depending on the

More information

THE CITY OF GALLATIN 401(K) RETIREMENT PLAN SUMMARY PLAN DESCRIPTION

THE CITY OF GALLATIN 401(K) RETIREMENT PLAN SUMMARY PLAN DESCRIPTION THE CITY OF GALLATIN 401(K) RETIREMENT PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?... 1 What information does this Summary provide?... 1 ARTICLE

More information

PRO-SPHERE 401(K) PLAN SUMMARY PLAN DESCRIPTION

PRO-SPHERE 401(K) PLAN SUMMARY PLAN DESCRIPTION PRO-SPHERE 401(K) PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?... 1 What information does this Summary provide?... 1 ARTICLE I PARTICIPATION IN THE

More information

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement savings and contains important information you will need before you decide

More information

Lincoln Director SM. group variable annuity. Choices for your retirement plan distribution. Distribution options

Lincoln Director SM. group variable annuity. Choices for your retirement plan distribution. Distribution options Lincoln Director SM group variable annuity Choices for your retirement plan distribution Distribution options You have choices when it comes to your Lincoln Director SM group variable annuity retirement

More information

Date of Birth. Marital Status

Date of Birth. Marital Status First Western Advisors PARTICIPANT TERMINATION/ROLLOVER NOTIFICATION Submission of this form initiates the processing of distributions from a qualified plan. All items on the form must be completed for

More information

EXPLANATION OF DIRECT ROLLOVER OPTION

EXPLANATION OF DIRECT ROLLOVER OPTION EXPLANATION OF DIRECT ROLLOVER OPTION You have the right to consider the decision whether or not to elect a direct rollover for at least 30 days after this Explanation is provided to you. This notice explains

More information

Special Tax Notice Regarding Plan Payments Under Governmental 401(a) Plans

Special Tax Notice Regarding Plan Payments Under Governmental 401(a) Plans Special Tax Notice Regarding Plan Payments Under Governmental 401(a) Plans Page 1 of 8 This notice explains how you can continue to defer federal income tax on your retirement savings in the Indiana State

More information

2. The following is substituted for the answer to the question How do I apply for a loan? in the Section entitled Loans:

2. The following is substituted for the answer to the question How do I apply for a loan? in the Section entitled Loans: TO OUR EMPLOYEES: We wish to announce that the Mission Health System Employee Retirement Plan ( Plan ) has been amended, effective June 1, 2015, to change the automatic form of benefit. Therefore, in order

More information

Excel Finance Co. 401(k) Plan

Excel Finance Co. 401(k) Plan Excel Finance Co. 401(k) Plan Summary Plan Description The Summary Plan Description (SPD) which follows is a technical document that meets the legal requirements of the Department of Labor and Internal

More information

HCS RETIREMENT SERVICES

HCS RETIREMENT SERVICES Distribution Form HCS RETIREMENT SERVICES 1095 South 800 East Orem, UT 84097 Phone 801-224-1900 Fax 801-224-1930 www.hcsretirement.com EMPLOYER: PERSONAL INFORMATION Last Name: S.S. #: First Name: Date

More information

SUMMARY PLAN DESCRIPTION. Roman Catholic Diocese of Erie, Pennsylvania 401(k) Retirement Plan

SUMMARY PLAN DESCRIPTION. Roman Catholic Diocese of Erie, Pennsylvania 401(k) Retirement Plan SUMMARY PLAN DESCRIPTION Roman Catholic Diocese of Erie, Pennsylvania 401(k) Retirement Plan Table of Contents I. BASIC PLAN INFORMATION AND DEFINITIONS...2 A. ACCOUNT...2 B. BENEFICIARY...2 C. DISABLED

More information

A. TYPES OF PLAN DISTRIBUTIONS

A. TYPES OF PLAN DISTRIBUTIONS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement plan savings in the Plan and contains important information you will

More information

401(k) DISTRIBUTION FORM

401(k) DISTRIBUTION FORM Page 1 of 2 401(k) DISTRIBUTION FORM Death Claims These are given special handling by JEM. Please call us at call 1-800-943-9179 for assistance. Participant Information First Name MI Last Employer Street

More information

H.T. BAILEY INSURANCE GROUP 401(k) PLAN Case # 943-80987. ELECTION OF PAYMENT METHOD (Please Print Clearly)

H.T. BAILEY INSURANCE GROUP 401(k) PLAN Case # 943-80987. ELECTION OF PAYMENT METHOD (Please Print Clearly) H.T. BAILEY INSURANCE GROUP 401(k) PLAN Case # 943-80987 ELECTION OF PAYMENT METHOD (Please Print Clearly) PARTICIPANT NAME: DATE OF BIRTH: SOCIAL SECURITY NUMBER: DATE OF HIRE: DATE OF TERMINATION: DO

More information

NATIONAL WESTERN LIFE INSURANCE COMPANY YOUR ROLLOVER OPTIONS

NATIONAL WESTERN LIFE INSURANCE COMPANY YOUR ROLLOVER OPTIONS NATIONAL WESTERN LIFE INSURANCE COMPANY YOUR ROLLOVER OPTIONS This notice explains how you can continue to defer federal income tax on your retirement savings and contains important information you will

More information

Information About Your Hardship Withdrawal Request. Types of Requests

Information About Your Hardship Withdrawal Request. Types of Requests Information About Your Hardship Withdrawal Request A Hardship Withdrawal from a 401(k) Plan is subject to IRS Regulations. Please review the following information before completing the Request form. Types

More information

Retirement Plan DISTRIBUTION FORM

Retirement Plan DISTRIBUTION FORM Retirement Plan Services P.O. Box 2978 5910 Mineral Point Road Madison, WI 53701-2978 Phone: 800.999.8786 Fax: 608.236.8017 www.benefitsforyou.com Retirement Plan DISTRIBUTION FORM DEFINED CONTRIBUTION

More information

New Hanover Regional Medical Center 403(b) and 457(b) Retirement Savings Plans

New Hanover Regional Medical Center 403(b) and 457(b) Retirement Savings Plans New Hanover Regional Medical Center 403(b) and 457(b) Retirement Savings Plans Mutual Fund Safe Harbor Request For Hardship Withdrawal Group ID# 45944003 Group ID# 45944002 1. CLIENT INFORMATION Name:

More information

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS (QDRO Alternate Payee) i A. TYPES OF PLAN DISTRIBUTIONS

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS (QDRO Alternate Payee) i A. TYPES OF PLAN DISTRIBUTIONS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS (QDRO Alternate Payee) i This notice explains how you can continue to defer federal income tax options for your QDRO distribution from the Plan under a qualified

More information

INSTRUCTIONS TO EMPLOYER. What to do when an active participant requests a hardship or other in-service withdrawal

INSTRUCTIONS TO EMPLOYER. What to do when an active participant requests a hardship or other in-service withdrawal INSTRUCTIONS TO EMPLOYER What to do when an active participant requests a hardship or other in-service withdrawal 1. Print the following withdrawal forms and give them to the participant. The required

More information

QP/401(k) Separation From Service Distribution Request Form

QP/401(k) Separation From Service Distribution Request Form #10486 (3/2004) QP/401(k) Separation From Service Distribution Request Form This form may be used if you have separated from service due to termination, disability or attainment of normal retirement age

More information

råáîéêëáíó=çñ=p~å=aáéöç=aéñáåéç=`çåíêáäìíáçå=oéíáêéãéåí=mä~å== cáå~ä=aáëíêáäìíáçå=cçêã =

råáîéêëáíó=çñ=p~å=aáéöç=aéñáåéç=`çåíêáäìíáçå=oéíáêéãéåí=mä~å== cáå~ä=aáëíêáäìíáçå=cçêã = råáîéêëáíó=çñ=p~å=aáéöç=aéñáåéç=`çåíêáäìíáçå=oéíáêéãéåí=mä~å== cáå~ä=aáëíêáäìíáçå=cçêã = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = pçåá~ä=péåìêáíó=kìãäéê== i~ëí=k~ãé=

More information

Distribution Form Subject to Joint & Survivor Annuity

Distribution Form Subject to Joint & Survivor Annuity Distribution Form Subject to Joint & Survivor Annuity Please refer to the Plan s Summary Plan Description (SPD) for reasons distributions that are allowed in your plan. You may review the SPD, your account

More information

Special Tax Notice Regarding Payments from TRS

Special Tax Notice Regarding Payments from TRS Special Tax Notice Regarding Payments from TRS Highlights The Special Tax Notice explains how you may be able to defer taxes on lump-sum payments you receive from TRS. TRS is required by the IRS to provide

More information

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS I C M A R E T I R E M E N T C O R P O R A T I O N SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement savings in your employer's

More information

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax options for your distribution from the Plan and contains important information you will

More information

AFPlanServ 403(b) Hardship Distribution Authorization Form

AFPlanServ 403(b) Hardship Distribution Authorization Form AFPlanServ 403(b) Hardship Distribution Authorization Form Participant Instructions If your Plan allows loans, you must apply for a loan first. If you are not eligible for a loan from your provider, your

More information

Hardship Withdrawal Form

Hardship Withdrawal Form Hardship Withdrawal Form READ THE ATTACHED IRS SPECIAL TAX NOTICE: IF YOUR PLAN ALLOWS FOR AN ANNUITY OPTION, READ THE WRITTEN EXPLANATION OF QUALIFIED JOINT AND 50% CONTINGENT SURVIVIOR ANNUITY FORM OF

More information

401(k) Summary Plan Description

401(k) Summary Plan Description 401(k) Summary Plan Description WELLSPAN 401(K) RETIREMENT SAVINGS PLAN SUMMARY PLAN DESCRIPTION I I PRIOR TO II III I TABLE OF TO YOUR PLAN What kind of Plan is this? 5 What information does this Summary

More information

QUALIFIED PLAN DISTRIBUTION NOTICE

QUALIFIED PLAN DISTRIBUTION NOTICE QUALIFIED PLAN DISTRIBUTION NOTICE Introduction As a participant in your employer s Qualified Retirement Plan, you have accumulated a vested account balance. You may receive your vested account balance

More information

COLLIERS INTERNATIONAL USA, LLC And Affiliated Employers 401(K) Plan DISTRIBUTION ELECTION

COLLIERS INTERNATIONAL USA, LLC And Affiliated Employers 401(K) Plan DISTRIBUTION ELECTION 1. EMPLOYEE INFORMATION (Please print) COLLIERS INTERNATIONAL USA, LLC And Affiliated Employers 401(K) Plan DISTRIBUTION ELECTION Name: Address: Social Security No.: Birth Date: City: State: Zip: Termination

More information

TOWN OF NATICK OBRA 457 DEFERRED COMPENSATION GOVERNMENTAL PLAN DISTRIBUTION FORM

TOWN OF NATICK OBRA 457 DEFERRED COMPENSATION GOVERNMENTAL PLAN DISTRIBUTION FORM TOWN OF NATICK OBRA 457 DEFERRED COMPENSATION GOVERNMENTAL PLAN DISTRIBUTION FORM PARTICIPANT/ ALTERNATE PAYEE INFORMATION DISTRIBUTION REASON PAYMENT METHOD SPOUSE S CONSENT TO DISTRIBUTION (not applicable

More information

PLUMBERS & PIPEFITTERS LOCAL 9 SURETY FUND PO BOX 1028 TRENTON NJ 08628-0230. Application For Financial Hardship Distribution (Please Print or Type)

PLUMBERS & PIPEFITTERS LOCAL 9 SURETY FUND PO BOX 1028 TRENTON NJ 08628-0230. Application For Financial Hardship Distribution (Please Print or Type) PLUMBERS & PIPEFITTERS LOCAL 9 SURETY FUND PO BOX 1028 TRENTON NJ 08628-0230 Application For Financial Hardship Distribution (Please Print or Type) Name of Applicant Social Security # Street Address City,

More information

Janus Qualified Retirement Accounts Distribution Form

Janus Qualified Retirement Accounts Distribution Form Janus Qualified Retirement Accounts Distribution Janus Qualified PO Box 55932 Form Retirement Accounts Distribution Form Boston, MA 02205-5932 800-525-1093 PO Box 55932 Boston, MA 02205-5932 800-525-1093

More information

Governmental 457(b) Application For Distribution

Governmental 457(b) Application For Distribution #1303-PS (5/14/2008) Governmental 457(b) Application For Distribution GENERAL INFORMATION Name of Plan Name of Employer Address City State Zip Name of Participant Date of Birth Complete the following section

More information

Mailing Address: Des Moines, IA 50392-0001

Mailing Address: Des Moines, IA 50392-0001 Mailing Address: Des Moines, IA 50392-0001 Principal Life Insurance Company Complete this form to withdraw part of the retirement account in cash while still employed. Participant/Spouse complete Sections

More information

DISTRIBUTION REQUEST FORM FICA ALTERNATIVE PLAN FOR FLORIDA STATE UNIVERSITY

DISTRIBUTION REQUEST FORM FICA ALTERNATIVE PLAN FOR FLORIDA STATE UNIVERSITY DISTRIBUTION REQUEST FORM FICA ALTERNATIVE PLAN FOR FLORIDA STATE UNIVERSITY INSTRUCTIONS: Complete items one through four and send this form to the employer at the address printed at the bottom of the

More information

COLGATE UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION JANUARY 2013

COLGATE UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION JANUARY 2013 COLGATE UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION JANUARY 2013 TABLE OF CONTENTS ARTICLE I PARTICIPATION IN THE PLAN Page Am I eligible to participate in the Plan?... 2 When

More information

ROCKY MOUNTAIN COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION

ROCKY MOUNTAIN COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION ROCKY MOUNTAIN COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN ARTICLE I PARTICIPATION IN THE PLAN Am I eligible to participate in the

More information

Distributions and Rollovers from

Distributions and Rollovers from Page 1 of 6 Frequently Asked Questions about Distributions and Rollovers from Retirement Accounts Choosing what to do with your retirement savings is an important decision. Tax implications are just one

More information

AUBURN UNIVERSITY. 457(b) DEFERRED COMPENSATION PLAN SUMMARY EXPLANATION OF THE PLAN

AUBURN UNIVERSITY. 457(b) DEFERRED COMPENSATION PLAN SUMMARY EXPLANATION OF THE PLAN AUBURN UNIVERSITY 457(b) DEFERRED COMPENSATION PLAN SUMMARY EXPLANATION OF THE PLAN Effective September 6, 2012 AUBURN UNIVERSITY 457(b) DEFERRED COMPENSATION PLAN SUMMARY EXPLANATION OF THE PLAN TABLE

More information

QUALIFIED PLAN DISTRIBUTION NOTICE. Vested Account Balance Exceeding $5,000. Vested Account Balance Not Exceeding $5,000

QUALIFIED PLAN DISTRIBUTION NOTICE. Vested Account Balance Exceeding $5,000. Vested Account Balance Not Exceeding $5,000 QUALIFIED PLAN DISTRIBUTION NOTICE This Qualified Plan Distribution Notice describes the rights of Plan participants and their spouses upon receipt of benefits under the Plan. For more information concerning

More information

HOOD COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION

HOOD COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION HOOD COLLEGE DEFINED CONTRIBUTION RETIREMENT PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN ARTICLE I PARTICIPATION IN THE PLAN Am I eligible to participate in the Plan?...1

More information

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS (Alternative to IRS Safe Harbor Notice - For Participant)

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS (Alternative to IRS Safe Harbor Notice - For Participant) SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS (Alternative to IRS Safe Harbor Notice - For Participant) This notice explains how you can continue to defer federal income tax on your retirement plan savings

More information

402(f) Notice Special Tax Rules on Distributions. Summary

402(f) Notice Special Tax Rules on Distributions. Summary This notice contains important information you will need before you decide how to receive your benefits from your retirement plan. This notice summarizes only the federal (not state or local) tax rules

More information

A. TYPES OF PLAN DISTRIBUTIONS

A. TYPES OF PLAN DISTRIBUTIONS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS 1 (Alternative to IRS Safe Harbor Notice - For Participant) This notice explains how you can continue to defer federal income tax on your retirement plan savings

More information

Accessing Funds. This section contains information to help you process participant requests for funds through: Loans. Hardship withdrawals

Accessing Funds. This section contains information to help you process participant requests for funds through: Loans. Hardship withdrawals Accessing Funds This section contains information to help you process participant requests for funds through: Loans Hardship withdrawals Distributions Death benefits In This Section See Page Loans... 58

More information

SUMMARY PLAN DESCRIPTION NUTANIX, INC. 401(K) PLAN

SUMMARY PLAN DESCRIPTION NUTANIX, INC. 401(K) PLAN SUMMARY PLAN DESCRIPTION NUTANIX, INC. 401(K) PLAN Nutanix, Inc. 401(k) Plan SUMMARY PLAN DESCRIPTION...1 I. BASIC PLAN INFORMATION...2 A. ACCOUNT...2 B. BENEFICIARY...2 C. DEFERRAL CONTRIBUTION...2 D.

More information

TDA WITHDRAWAL APPLICATION

TDA WITHDRAWAL APPLICATION G First Name Address City DIRECT ROLLOVER OR TRANSFER BOARD OF EDUCATION RETIREMENT SYSTEM OF THE CITY OF NEW YORK 65 COURT STREET BROOKLYN, NEW YORK 11201-4965 If you wish to directly rollover any taxable

More information

Summary Plan Description. of the. BECKMAN PRODUCTION SERVICES 401(k) PLAN

Summary Plan Description. of the. BECKMAN PRODUCTION SERVICES 401(k) PLAN Summary Plan Description of the BECKMAN PRODUCTION SERVICES 401(k) PLAN 2015 TO OUR EMPLOYEES Beckman Production Services, Inc. ( Company ) established the Beckman Production Services 401(k) Plan ( Plan

More information

401(k) Boot Camp Part 3 Getting Money Out of the Plan

401(k) Boot Camp Part 3 Getting Money Out of the Plan 401(k) Boot Camp Part 3 Getting Money Out of the Plan November 19, 2014 Presenter: Nancy J. Manary, Director Benefits Consulting Verisight, Inc. 401(k) Boot Camp Part 3 Part 1 Getting People Into the Plan

More information

Landscape, Irrigation & Lawn Sprinkler Industry Trusts Defined Contribution Pension Plan Death Benefit Application

Landscape, Irrigation & Lawn Sprinkler Industry Trusts Defined Contribution Pension Plan Death Benefit Application Landscape, Irrigation & Lawn Sprinkler Industry Trusts Defined Contribution Pension Plan Death Benefit Application Complete all applicable sections and return pages 1-3 to: Southern California Pipe Trades

More information

Frequently asked questions

Frequently asked questions Page 1 of 6 Frequently asked questions Distributions and rollovers from retirement accounts Choosing what to do with your retirement savings is an important decision. Tax implications are just one of several

More information

SAVE MART 401(K) COMPANY MATCH PLAN SUMMARY PLAN DESCRIPTION

SAVE MART 401(K) COMPANY MATCH PLAN SUMMARY PLAN DESCRIPTION SAVE MART 401(K) COMPANY MATCH PLAN SUMMARY PLAN DESCRIPTION DATED: April 2013 #12568514 TABLE OF CONTENTS Page INTRODUCTION... 1 1. Who is Eligible?... 3 2. What Affiliated Employers Participate in the

More information

MUNICIPAL FIRE & POLICE RETIREMENT SYSTEM OF IOWA

MUNICIPAL FIRE & POLICE RETIREMENT SYSTEM OF IOWA MUNICIPAL FIRE & POLICE RETIREMENT SYSTEM OF IOWA 7155 Lake Drive Suite 201, West Des Moines, Iowa 50266 Phone: (515) 254-9200 (888) 254-9200 Fax: (515) 254-9300 Email: pensions@mfprsi.org DROP DISTRIBUTION

More information

Direct Rollover Request

Direct Rollover Request Direct Rollover Request Instructions To request a direct rollover to an IRA or an eligible retirement plan, complete all applicable sections of this form, obtain any required signatures, and return the

More information

AMO 401(K) PLAN - DISTRIBUTION AND WITHDRAWALS

AMO 401(K) PLAN - DISTRIBUTION AND WITHDRAWALS AMO 401(K) PLAN - DISTRIBUTION AND WITHDRAWALS Please refer to the information below regarding distributions and withdrawals from your 401(k) Plan account. We strongly suggest that you consult with a tax

More information

457(b) RSP DISTRIBUTION FORM

457(b) RSP DISTRIBUTION FORM 457(b) RSP DISTRIBUTION FORM Death Claims These are given special handling by JEM. Please call us at call 1-800-943-9179 for assistance. Participant Information First Name MI Last Employer Street Address

More information

SAIIA CONSTRUCTION COMPANY LLC. Saiia Construction Company LLC 401(k) Profit Sharing Plan SUMMARY PLAN DESCRIPTION

SAIIA CONSTRUCTION COMPANY LLC. Saiia Construction Company LLC 401(k) Profit Sharing Plan SUMMARY PLAN DESCRIPTION SAIIA CONSTRUCTION COMPANY LLC Saiia Construction Company LLC 401(k) Profit Sharing Plan SUMMARY PLAN DESCRIPTION January 1, 2014 TABLE OF CONTENTS INTRODUCTION... 1 GENERAL PLAN INFORMATION... 1 A. Agent

More information

Distribution Request Form

Distribution Request Form The 3121 Premier Plan Eligible Full-Time, Part-Time, Seasonal, and Temporary Employees Social Security Alternative Retirement Plan Employer (please print or type): Distribution Request Form Name of Participant:

More information

Annuity Election. Instructions. Section A. Employer Information. Section B. Participant Information. Section C. Distribution Information

Annuity Election. Instructions. Section A. Employer Information. Section B. Participant Information. Section C. Distribution Information Annuity Election Instructions To elect an annuity, complete all applicable sections of this form, obtain any required signatures, and return the form to Diversified at the above address. The following

More information

SUMMARY PLAN DESCRIPTION. Health Care Innovations, Inc. 401(k) Plan

SUMMARY PLAN DESCRIPTION. Health Care Innovations, Inc. 401(k) Plan SUMMARY PLAN DESCRIPTION Health Care Innovations, Inc. 401(k) Plan 04/30/2007 Health Care Innovations, Inc. 401(k) Plan SUMMARY PLAN DESCRIPTION...3 I. BASIC PLAN INFORMATION...4 A. ACCOUNT...4 B. BENEFICIARY...4

More information

Required Distribution Election Form For IRA and 403(b) Contracts

Required Distribution Election Form For IRA and 403(b) Contracts Required Distribution Election Form For IRA and 403(b) Contracts Participant Name Contract Number Daytime Phone Number Date of Birth Plan Type Protective Life Insurance Company (PLICO/"the Company") Protective

More information

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS FOR QDRO ALTERNATE PAYEE

SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS FOR QDRO ALTERNATE PAYEE SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS FOR QDRO ALTERNATE PAYEE This notice explains how you can continue to defer federal income tax options for your QDRO distribution from the Plan under a "qualified

More information

QUALIFIED RETIREMENT PLAN AND 403(b)(7) DISTRIBUTION REQUEST FORM

QUALIFIED RETIREMENT PLAN AND 403(b)(7) DISTRIBUTION REQUEST FORM QUALIFIED RETIREMENT PLAN AND 403(b)(7) DISTRIBUTION REQUEST FORM The Employee Retirement Income Security Act of 1974 (ERISA) requires that you receive the information contained in this form prior to your

More information

Base Plan Account Withdrawal

Base Plan Account Withdrawal Base Plan Account Withdrawal Purpose of the Form Use this form to choose how you want PERSI to handle the withdrawal of your PERSI Base Plan contributions and interest when you terminate employment with

More information

TAX SHELTERED ANNUITY ROLLOVER / PARTIAL WITHDRAWAL / FULL SURRENDER REQUEST

TAX SHELTERED ANNUITY ROLLOVER / PARTIAL WITHDRAWAL / FULL SURRENDER REQUEST General American Retirement & Investment Services PO Box 19098 Greenville, SC 29602 Customer Service: 800-449-6447 Fax: 866-214-0926 TAX SHELTERED ANNUITY ROLLOVER / PARTIAL WITHDRAWAL / FULL SURRENDER

More information

Request for Distribution from Individual Retirement Annuity, 403(b) Tax-Sheltered Annuity or Pension Plan

Request for Distribution from Individual Retirement Annuity, 403(b) Tax-Sheltered Annuity or Pension Plan Request for Distribution from Individual Retirement Annuity, 403(b) Tax-Sheltered Annuity or Pension Plan Standard Insurance Company Individual Annuities 800.247.6888 Tel 800.378.4570 Fax 1100 SW Sixth

More information

SUMMARY OF FEDERAL INCOME TAX RULES RELATING TO DISTRIBUTIONS FROM QUALIFIED RETIREMENT PLANS

SUMMARY OF FEDERAL INCOME TAX RULES RELATING TO DISTRIBUTIONS FROM QUALIFIED RETIREMENT PLANS SUMMARY OF FEDERAL INCOME TAX RULES RELATING TO DISTRIBUTIONS FROM QUALIFIED RETIREMENT PLANS BASED ON SAFE HARBOR NOTICE PER IRS NOTICE 2014-74 (Rev. November 2014) SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS

More information

VANOVERBEKE, MICHAUD & TIMMONY, P.C.

VANOVERBEKE, MICHAUD & TIMMONY, P.C. VANOVERBEKE MICHAUD & TIMMONY, P.C. MICHAEL J. VANOVERBEKE ATTORNEYS AND COUNSELORS 79 ALFRED STREET THOMAS C. MICHAUD DETROIT, M ICHIGAN 48201 JACK TIMMONY TEL: 313-578-1200 FRANCIS E. JUDD FAX: 313-578-1201

More information

special tax notice regarding plan payments

special tax notice regarding plan payments special tax notice regarding plan payments This notice contains important information you will need before you decide how to receive your benefits from the Moroch Family of Companies 401(k) Savings Plan

More information

SUMMARY PLAN DESCRIPTION. salesforce.com, Inc. and Salesforce.com Foundation 401(k) Plan

SUMMARY PLAN DESCRIPTION. salesforce.com, Inc. and Salesforce.com Foundation 401(k) Plan SUMMARY PLAN DESCRIPTION salesforce.com, Inc. and Salesforce.com Foundation 401(k) Plan salesforce.com, Inc. and Salesforce.com Foundation 401(k) Plan SUMMARY PLAN DESCRIPTION...1 I. BASIC PLAN INFORMATION...2

More information

Special Tax Notice Regarding Plan Payments (IRS Safe Harbor Notice)

Special Tax Notice Regarding Plan Payments (IRS Safe Harbor Notice) Your Rollover Options Special Tax Notice Regarding Plan Payments (IRS Safe Harbor Notice) You are receiving this notice because all or a portion of a payment you are receiving from Seattle Employees Retirement

More information

DISTRIBUTION FROM A PLAN NOT SUBJECT TO QJSA

DISTRIBUTION FROM A PLAN NOT SUBJECT TO QJSA DISTRIBUTION FROM A PLAN NOT SUBJECT TO QJSA This form must be preceded by or accompanied by the Special Tax Notice Regarding Plan Payments [Code (402(f)) Notice] PLAN INFORMATION Name of Plan: PARTICIPANT

More information

401(k) Plan for your retirement and achieve your financial goals.

401(k) Plan for your retirement and achieve your financial goals. 401(k) Plan for your retirement and achieve your financial goals. Index Quick Index Contributions and Vesting Pages 1-3 Loans Page 4 Distributions/Withdrawals Pages 5-6 Beneficiaries Page 7 Roth 401(k)

More information

Mailing Address: Des Moines, IA 50392-0001

Mailing Address: Des Moines, IA 50392-0001 Mailing Address: Des Moines, IA 50392-0001 Principal Life Insurance Company Complete this form to withdraw part of the retirement account in cash while still employed. Participant/Spouse complete Sections

More information

AUTOMATIC IRA ROLLOVER PAC

AUTOMATIC IRA ROLLOVER PAC Plan Year 1999-2000 AUTOMATIC IRA ROLLOVER PAC FOR OUR COMPANY 401(K) PLAN Use this Automatic IRA Rollover Pac to... Indicate your distribution choice in the event that your employment with our company

More information

SUMMARY PLAN DESCRIPTION FOR THE BECKER TRUCKING, INC. 401(k) PROFIT SHARING PLAN AND TRUST. (January 1, 2009) Revised

SUMMARY PLAN DESCRIPTION FOR THE BECKER TRUCKING, INC. 401(k) PROFIT SHARING PLAN AND TRUST. (January 1, 2009) Revised SUMMARY PLAN DESCRIPTION FOR THE BECKER TRUCKING, INC. 401(k) PROFIT SHARING PLAN AND TRUST (January 1, 2009) Revised TABLE OF CONTENTS Page (1) General... 1 (2) Identification of Plan... 1 (3) Type of

More information

AMERICAN MARITIME OFFICERS PENSION PLAN MONEY PURCHASE BENEFIT (MPB) DISTRIBUTION ELECTION FORM

AMERICAN MARITIME OFFICERS PENSION PLAN MONEY PURCHASE BENEFIT (MPB) DISTRIBUTION ELECTION FORM For AMO Plans Use Only LDCE: AMERICAN MARITIME OFFICERS PENSION PLAN MONEY PURCHASE BENEFIT (MPB) DISTRIBUTION ELECTION FORM IMPORTANT NOTE: Please return pages 1-4 of this form for the processing of your

More information

401(k) Plan (Sales Reps)

401(k) Plan (Sales Reps) The Stryker Corporation 401(k) Savings and Retirement Plan gives participants a way to save for their future financial needs. Important Effective September 30, 2012 the former Stryker Corporation 401(k)

More information

THE TAXABILITY AND MANDATORY WITHHOLDING OF INCOME TAX FROM YOUR PENSION DISTRIBUTION

THE TAXABILITY AND MANDATORY WITHHOLDING OF INCOME TAX FROM YOUR PENSION DISTRIBUTION FA-0272-0313 Fact Sheet #27 THE TAXABILITY AND MANDATORY WITHHOLDING OF INCOME TAX FROM YOUR PENSION DISTRIBUTION All Funds This fact sheet summarizes only the federal (not state or local) tax rules that

More information

CASH DISTRIBUTION FORM For VALIC Annuity Accounts Only All Plan Types

CASH DISTRIBUTION FORM For VALIC Annuity Accounts Only All Plan Types 1. CLIENT INFORMATION Name: Daytime Phone: ( ) Date of Birth: SSN or Tax ID: 2. DISTRIBUTION REQUEST Please select either OPTION A or OPTION B below. Selecting both options will delay processing your distribution

More information

WITHDRAWAL/SURRENDER REQUEST FORM

WITHDRAWAL/SURRENDER REQUEST FORM Member Companies: Great American Life Insurance Company Annuity Investors Life Insurance Company Administrator for Life Insurance and Annuities: Loyal American Life Insurance Company United Teacher Associates

More information